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NEO Energy completes acquisition of Zennor Petroleum

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Oilfield Technology,

NEO Energy has completed its acquisition of Zennor Petroleum, first announced in March this year. The transaction, alongside the ongoing acquisition of a package of assets from ExxonMobil, will increase NEO’s production in the UK Continental Shelf to circa 80 000 boe/d in 2021 with further developments providing a stable production base in the period 2022 – 2026 of between 90 000 and 100 000 boe/d.

The Zennor portfolio adds circa 40 million boe of reserves and more than 90 million boe of un-risked resource to NEO. NEO has taken ownership of assets centred around the strategic Britannia and ETAP production hubs, with organic near-term growth prospects from sanctioned projects. These include the operated Finlaggan tie-back, scheduled for first production later this year, and a series of future development opportunities including the operated Leverett and Greenwell projects (tie-backs to Britannia), and Murlach (tie-back to ETAP) which the company will be looking to take a final investment decision on next year.

Russ Alton, CEO of NEO Energy, said: “We are delighted to announce the completion of this transaction and to welcome the Zennor team to NEO. Our combined teams are very excited by the opportunities this portfolio of assets brings to NEO, as we further expand our operated position providing us with greater control and flexibility to maximise value.

The completion of this deal is yet another demonstration of the scale of our ambition in the UKCS, as we seek to grow our production to approximately 120 000 boe/d in 2023.

NEO has now firmly established its presence in the UKCS and is determined to lead the way for the sector through initiatives such as our recently published Low Carbon Transition Plan. We are focused on generating sustainable growth and maximising value from the UK’s offshore assets, whilst playing our part in reducing the carbon intensity of the sector.”

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